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Bitcoin Nears $25K as Banks Face Deposits Exodus

• Bitcoin (BTC) moved closer to $25,000 on Tuesday as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank.
• Ethereum (ETH) also rose higher in today’s session, with prices breaking out of a key resistance point.
• Reports suggest that withdrawals at the likes of JPMorgan and Citibank are nearing a ten-year high.

Bitcoin Nearing $25,000

Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the collapse of Signature Bank and Silicon Valley Bank. BTC/USD surged to an intraday peak of $24,851.62 earlier in the day. As a result of the surge, bitcoin rose to its strongest point since February 21, recovering from a recent two-month low in the process. The relative strength index (RSI) is tracking at 63.41 which is marginally below a wall at 66.00 with BTC now trading at $24,368.14.

Ethereum Moving Higher

Ethereum (ETH) also moved higher in today’s session, with prices breaking out of a key resistance point in the process. ETH/USD hit a high of $1,699.91 earlier on Tuesday which comes less than 24 hours after hitting a low of $1,576.06 as prices moved past a long-term ceiling at $1,675 and hitting a three-week high in the process.. Momentum has somewhat slipped however as the RSI ran into an obstacle in the form of a resistance point at 62%. In order to fully break into the $1,700 region ETH bulls will first need to get over this ceiling at 62%.

Banking Withdrawals Rising

Reports suggest that withdrawals at banks such as JPMorgan and Citibank are nearing a ten-year high due to investors seemingly moving capital towards cryptocurrencies following collapses such as First Republic Bank which saw its stock dropping by over 60% on Monday alone..

Implications

The rise in banking withdrawals could have major implications for traditional financial institutions who may find themselves struggling if more investors move away from their services due to cryptocurrency becoming increasingly popular amongst traders..

Final Thoughts

Overall it appears that both Bitcoin and Ethereum have had positive performances today with Bitcoin nearing its highest level since February 21st whilst Ethereum broke above its long term resistance level at 1$675 confirming further bullish momentum for ETH traders..